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Chapter 1 Basic Concepts: Tax and Income-tax Law

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Chapter 1 Basic Concepts: Tax and Income-tax Law

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Questions and Answers

Which type of tax is levied directly on an individual or entity's income?

Income tax (correct)

Value-added tax

Property tax

Excise tax

What is the scope of agricultural income as per the Income-tax Act, 1961?

Income from agricultural machinery sales

Income from farming and related activities (correct)

Income from agricultural tourism

Income from investments in agricultural land

Which term refers to the period for computing income chargeable to tax under the Income-tax Act, 1961?

Fiscal year

Financial year

Assessment year (correct)

Tax year

What is the main difference between direct and indirect taxes?

Direct taxes are levied on income, while indirect taxes are levied on transactions. Signup and view all the answers

When would income of the previous year be assessed to tax in the previous year itself?

When there is an advance tax payment Signup and view all the answers

What does Article 366(28) of the Indian Constitution define as 'Taxation'?

Imposition of any tax or impost, whether general or local or special Signup and view all the answers

What is the main difference between direct taxes and indirect taxes?

The burden of direct taxes cannot be shifted, while the burden of indirect taxes can be shifted. Signup and view all the answers

What are the two types of taxes mentioned in the text?

Direct taxes and Indirect taxes Signup and view all the answers

Why are taxes levied according to the text?

To meet the common welfare expenditure of the society Signup and view all the answers

Which type of tax is Goods and Services Tax (GST)?

Indirect tax Signup and view all the answers